Meta Teams Up With James Cameron's Lightstorm Vision to Develop 3D Metaverse Content

Meta (NASDAQ: META) carries on with its metaverse ambition despite the challenges it faced in the previous months, announcing a new deal with a critically acclaimed Hollywood director's venture that is expected to significantly change the entertainment industry and how users consume media.

Social media and entertainment company Meta Platforms (NASDAQ:META) is doubling down on its metaverse ambitions with a new partnership with Lightstorm Vision, a venture led by critically acclaimed Hollywood director James Cameron, to help content creators develop 3D content at a lower cost.

Lightstorm Vision will combine Cameron’s storytelling expertise with Meta’s cutting-edge mixed-reality headset, Meta Quest, as its exclusive hardware platform for immersive shows that extend beyond filmmaking to include concerts and live sports.

"I’m convinced we’re at a true, historic inflection point. Navigating that future with Meta will ensure all of us have the tools to create, experience, and enjoy new and mind-blowing forms of media,” said Cameron.

Lightstorm Vision has been developing 3D technologies for over three decades, while Meta previously explored NFTs before winding down the project and shifting its focus to the metaverse.

The company believes that the future of entertainment lies in the metaverse, which prompted it to double its investment in the sector. Meta is also continuing to ramp up its investments in both AI and the metaverse as it pushes the envelope of innovation.

Since 2020, Meta has been increasing its mixed-reality bets, spending billions to catch up with industry leaders. These wagers have paid off for the company, with mass adoption of its AI tools and its MR headsets continuing their march toward mainstream acceptance.

“From training for the trades, skill acquisition for surgeons, and athletes staying at the top of their game to education, entrepreneurship, and beyond, people are tapping into the power of virtual and mixed reality to make a significant impact on learning outcomes today,” Meta said in a statement.

Amid議論 over AI becoming a controversial tool in the entertainment industry, Meta expressed optimism that its partnership with Lightstorm Vision would help create and adopt ethical AI, given Cameron’s membership on the board of Stability AI.

Carmaker Nissan to roll out NFT rewards; Nike shuts down digital collectible project

In other news, automobile manufacturer Nissan is planning to introduce a loyalty program that will involve NFTs.

The loyalty program, called Nissan Passport Beta, will include an NFT lottery that aims to distribute over 5,000 digital car collectibles to fans in Japan, a country with high NFT adoption rates.

The NFT giveaway, which will run until January 14, 2025, will feature digital representations of cars designed by the automaker and categorized into four types: futuristic cars, performance cars, classic cars, and “smart life.” These NFTs will be distributed randomly.

Apart from the collectibles, Nissan will offer additional perks like test-driving upcoming Nissan cars on a special track and getting early sneak peeks into upcoming offerings. While the lottery is random, users will get extra perks for providing feedback on the loyalty program.

As Nissan looks to NFTs to engage customers, Nike is pulling the plug on its RTFKT platform, three years after its acquisition.

The platform saw the roll-out of NFT collections featuring digital representations of Nike sneakers that earned the company a total of $185 million in drops and re-sales.

While the closure of the RTFKT platform raises questions about the future of NFTs, Nike has stated that this is not the end of the road for RTFKT, and the project will simply be transitioning into a relic of shifting fashion trends.

“RTFKT isn’t ending,” a company spokesperson said. “It's becoming what it was always meant to be – an artifact of cultural revolution.”

Meanwhile, Nike’s competitor Adidas is continuing to push the envelope in the NFT space with a new partnership with the STEPN Web3 app to reward users for meeting physical activity milestones.

Upswing in Japan: NFT adoption on the rise in the Land of the Rising Sun

Following the NFT bubble that burst in late 2021, global metrics have taken a hit, but digital collectibles are resurging in Japan. Several factors contribute to Japan's increasing NFT adoption figures, including a deep content pool and interest in anime and manga.

Another reason is the Japanese culture of rewarding customers, with several enterprises using digital collectibles for recompensation. The government is also turning to NFTs to reward public officials, while cities are using NFTs to raise funds for infrastructure development.

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